Sunday, November 30, 2014
FABER: I don’t Trust the Financial System anymore. I think the whole thing is going to Collapse one day
REGAN: I know you have been bullish in gold for – well, pretty much forever, Marc. But now we’re in a situation where gold is at a four-year low. Goldman now predicting 10, 15 down (ph). Soc Gen saying $1,000. Where do you see gold finishing the year?
FABER: I would say Goldman Sachs is very good at predicting lower prices when they want to buy something. But that is a (inaudible) I would say, yes, we are down from $1,900 to $1,160 or something like this, and it’s been a miserable performance since 2011. However, from the 1990 lows we’re still up more than four times. So I just looked at performance tables over 10 years and 15 years. Gold hasn’t done that badly, has done actually better than stocks.
Now I personally, I think that we may still go lower. It’s possible. I’m not a profit, but I’m telling you I want to own some gold because I don’t trust the financial system anymore. I think the whole thing is going to collapse one day and then I’ll be happy to have some assets. But of course the custody (ph) is important. I wouldn’t hold my gold at the Federal Reserve because they will lend it out. I wouldn’t hold my gold in the US at all.
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.
Posted by Nicole Bourbaki